UEFA Club Licensing Benchmark 2013

7/29/2019 UEFA Club Licensing Benchmark 2013

1/52

1 / 52


2/52

2

2 / 52


3/52

ContentsForeword 5

Introduction 7

Positive Signs In EuropeanClub Football Finances 8

1

2UEFA club competition prole 10

UEFA 2013/14 club competitionplaces per National Association 11

Ten year competitions review:Club participation and success by

National Association 13

Ten year competitions review:Participation and success by club 14

Fiteen year evolution o UEFA clubcompetition distributions 20

New clubs and long-term absentees 22

On-pitch results rom last years competitions 24

3Club Proles 26

Prole o participating clubs 27

Domestic league average club attendanceso participant clubs 28

Prole o stadiums in use in 2013/14UEFA club competitions 32

4Financial prole ofparticipating clubs 34

Club revenue streams nancial year 2012 35

Relative scale o club revenues 36

Relative size o club revenues 38Club revenue growth 40

Long term asset investments tangible xed assets 41

Player investment/spending intangible xed assets 42

Club operating costs 44

Wages and other personnel costs 46

Financial year 2012 transer activity

- Top 25 clubs by net earnings 48

Implementation o FFP Season 2013/14 50

Club Benchmarking Report 2013/14 Season

3

3 / 52


4/52

4

4 / 52


5/52

ForewordWe would like to welcome ootball ans and all readers to the rst mid-year Licensed to thrill club benchmarking reportthat ocuses on the UEFA club competitions and the 237 clubs competing in the current 2013/14 season.

Participation in the UEFA Champions League and Europa League is a goal or a dream or clubs across Europe.The competitions provide the spotlight in which the top players and coaches all want and hope to perorm. Every year those237 clubs that are skilled enough to sportingly qualiy through their on-eld perormance and sound enough to ulll thelicensing requirements or their o-eld perormance, receive an invitation to chase those dreams.

With the glamour and opportunity also comes responsibility. This has been acknowledged in the last three years by thewhole ootball amily, who have provided their unanimous support or the concept and development o Financial Fair Play(FFP) rules. These new FFP requirements which have been phased in since 2010 represent one o the most ambitious but

necessary projects in the world o sports governance.

I am pleased to report that ater some dicult years there are some encouraging signs that club owners are taking theirresponsibilities seriously with the rst improvement in club protability reported or many years as the nal requirementso FFP enter into orce.

The report also highlights what makes European ootball unique with the huge depth and breadth o club ootballillustrated in the ten year review o UEFA club competitions. Whilst some clubs have inevitably been more successul thanothers, the act that 255 dierent clubs have competed in the UEFA Champions league and 583 clubs in total have competedin UEFA club competitions in the last decade makes me proud to be the UEFA President. Proud that so many dierent peoplehave been able to experience rst-hand the magic o ootball and proud o the strength o ootball across Europe. Let ustogether keep European ootball strong or generations to come.

Michel PlatiniPresident of UEFA

5


5 / 52


6/52

6

6 / 52


7/52

Introduction

As rom this year all clubs competing in UEFA club competitions will all under the scope onancial air play and will be requested to eed in inormation to the attention o the UEFA ClubFinancial Control Body. Clubs will be assessed or the rst time against the break-even rule and wethereore elt that a benchmarking report ocusing primarily on the UEFA club competitions and inparticular on the 237 clubs competing in the 2013/14 season could set the right context or what isincreasingly becoming a topic o interest to a wider group o ootball supporters.

This report provides an analysis o the prole o the UEFA club competitions, including a ten year

review o club participation, the highlighting o new participant clubs, a summary o the revenuesgenerated or clubs by the competitions, and the sporting results. It then ocuses on the structuralprole o the 237 clubs participating in this years UCL and UEL including an analysis o the clubsattendances as well as the stadiums used in European competitions. It nally providesa rst snapshot on the nancial prole o the 237 clubs based on their most recent 2012 nancialaccounts as well as an outlook into the nancial air play process that participating clubs will berequested to comply with.

Despite very severe economic conditions aecting European markets or more than our years,ootball revenues have continued to grow. The aggregate revenue o the 237 competing clubsattained the level o 8.1bn, i.e. 57% o the total 14.1 bn reported in 2012 by the 700+ clubscompeting in the top tier domestic competitions.

For the rst time in several years the growth in the revenues outpaces the wage increase and

contributed to an improvement in the aggregated net results reported by all top division clubs by36%, rom a record 1.7bn to a 1.1bn net loss, a level similar to the one reported by top tier clubsback in 2009.

This positive trend together with the conrmed decrease in the level o overdue payablesreported by the competing clubs (down 84% since the rst time enhanced overdue payables weremonitored back in 2011) are the tangible signs that the nancial air play initiative is working andthat the clubs are implementing strategies to better manage their assets and cost structure in linewith the overall philosophy o the regulations.

This report is based on the nancial data sourced directly rom clubs that applied or a licenseto compete in European club competitions and anticipates the content o the traditional

ull Europe-wide top division benchmarking report that will be prepared later in the year.We would like to extend our thanks to all national associations and clubs that heavily investedtime and resources in this exercise.

One o the key stated objectives o Financial Fair Play is the development o benchmarkingor clubs throughout Europe and the increase in transparency and credibility o club nances.We hope and believe that this new report on the 237 clubs competing in the 2013/14 UEFAChampions League and Europa League will contribute positively to the achievement othis objective.

Andrea TraversoHead of Club Licensing and Financial Fair Play

7


7 / 52

8 / 52


8/52

LIGHTAT THEEND OFTHE TUNNEL

Revenues steam ahead with growth of almost 7%

Revenue growth outpaces wage growth for rst time*

** Since UEFA started collecting and analysing Europe-wide club nancial data in 2006.

0

2

4

6

8

10

2008 2009 2010 2011 2012

7.4%

3.2% 3.2%

9.0%

6.9%

0%

3%

6%

9%

12%

15%

2008 2009 2010 2011 2012

14%

6%

9.1%

5.2%

3.2%3.2%

7.4%

9.0%

6.5%

6.9%

Revenue v wage growth

POSITIVE SIGNS IN EUROPEANCLUB FOOTBALL FINANCES

8

SECTION 1:COMPETITION PROFILE

8 / 52

PREVIEW NEXT PAGE

9 / 52


9/52

For the rst time in recent history**

a 600+ million decrease in club losses

CFCB threat is clear as overdue payables decrease noticeablyIn recent years certain clubs had increasingly taken advantage o the timetaken or cases to pass through the FIFA dispute resolution system.

Year 1: All 237 clubs reviewed or rst

time by CFCP

31 clubs urther investigatedin summer 2011

10 clubs reerred or sanctioning

Year 2: All 237 clubs reviewed by CFCB

67 clubs with 30 million urtherchecked in summer 2012

9 clubs reerred or sanctioning

Year 3: All 237 clubs reviewed by CFCB

46 clubs with 9 million overdueurther checked in summer 2013

* Figure is provisional and subject to on-going CFCB assessment.

57m 30m47%

70%9m*

2008 2009 2010

Losses

2011 2012

36%

-1800m

-1500m

-1200m

-900m

-600m

-300m

m

-636m

-1163m

- 1 6 34m - 1 670 m

-1066m1

9


9 / 52

10 / 52


10/52

UEFA club competition prole

2

10 / 52

11 / 52


11/52

Three o the Nordic countries:

Finland, Norway & Sweden qualifed or an

extra fth club through the air play rankings.

The number of qualication places in this years 2013/14 competitions

The top 3

ranked national

associations have

7 places.

Fity o the fty our* UEFA

national associations have at

least 4 participating clubs:

Acting as a carrot to clubs and

providing added meaning to

the domestic cup and league

competitions.

Number of qualification placesin UEFA Club Competitions (2013/14)

7 3x

6x

9x

32x

5

6

4

3 2x

1 1x

* Gibraltar have joined the other 53 national associations and their clubs will participate or the frst time in the 2014/2015 UEFA cub competitions.


11

11 / 52

PREVIEW NEXT PAGE

12 / 52


12/52

The importance of UEFA qualication fordomestic league competitive tension and

interest, especially towards the end ofseason, should not be underestimated

Proportion o clubs in each top leaguequaliying or UEFA competition places

ranges rom 20%*** to 50%.

NA Number clubs Number clubs % leaguein league competing UEFA competing

SUI 10 5 50%AUT 10 5 50%

ARM 8 4 50%LTU 9 4 44% DEN 12 5 42% FIN 12 5 42%

SVN 10 4 40%LVA 10 4 40%EST 10 4 40%FRO 10 4 40%GER 18 7 39%POR 16 6 38%RUS 16 6 38%UKR 16 6 38%AND 8 3 38%ESP 20 7 35%ENG 20 7 35%NED 18 6 33%

SCO 12 4 33%

CRO 12 4 33%BLR 12 4 33%SVK 12 4 33%

MDA 12 4 33%AZE 12 4 33%GEO 12 4 33%IRL 12 4 33%ISL 12 4 33%

KAZ 12 4 33%MKD 12 4 33%MLT 12 4 33%MNE 12 4 33%NIR 12 4 33%

WAL 12 4 33% GRE 16 5 31%

BEL 16 5 31% NOR 16 5 31%

SWE 16 5 31%ITA 20 6 30%FRA 20 6 30%

CYP 14 4 29%ALB 14 4 29%LUX 14 4 29%

TUR 18 5 28% CZE 16 4 25%

ISR 16 4 25%SRB 16 4 25%BUL 16 4 25%POL 16 4 25%HUN 16 4 25%BIH 16 4 25%

ROU 18 4 22%SMR 15 3 20%

LIE 7 1 14%

Total 729 237 33%

* Group stage or the UCL is always 32 teams. For the UEL (ormerly UEFA Cup) we have taken the last 48 clubs (second round)

or 2003/04 and the group stages or the years since (either 40 or 48 teams). ** Note: The success rate is impacted by the stage that

clubs enter the competition with clubs rom higher ranked countries sometimes accessing the group stage directly or in later qualiying

stages. As an indication, 45 o the 71 Spanish clubs reaching the group stage had to play through at least one previous qualiying round

meaning a 94% success rate or teams passing through the qualiying and play-o stages. *** LIE operates no domestic league and thesingle UEL place is awarded to the national cup competition winners.

12

SECTION 2: UEFA CLUB COMPETITION PROFILE

12 / 52

13 / 52


13/52

NA Club UEFA campaigns Club reached % Clubs reached Club reached % Club reachedin last 10 years group stage group stage last 16 last 16

ESP 74 71 96% 52 70%ENG 76 67 88% 53 70%

ITA 72 63 88% 40 56%FRA 68 59 87% 34 50%GER 69 59 86% 36 52%NED 61 44 72% 15 25%GRE 54 37 69% 6 11%POR 59 39 66% 24 41%RUS 48 31 65% 16 33%BEL 45 27 60% 5 11%UKR 48 28 58% 9 19%TUR 46 25 54% 6 13%ROU 47 25 53% 4 9%CZE 41 19 46% 2 5%SUI 44 19 43% 3 7%SCO 44 18 41% 8 18%AUT 42 16 38% 1 2%DEN 45 16 36% 2 4%ISR 40 14 35% 1 3%

CRO 35 10 29% 0%NOR 47 13 28% 0%SRB 38 10 26% 1 3%BUL 39 9 23% 1 3%POL 38 8 21% 0%BLR 34 5 15% 0%HUN 34 5 15% 0%SWE 41 6 15% 0%CYP 35 5 14% 1 3%SVK 34 4 12% 0%

MDA 34 2 6% 0%SVN 35 2 6% 0%AZE 31 1 3% 0%LVA 34 1 3% 0%GEO 34 1 3% 0%IRL 34 1 3% 0%

ARM 35 0% 0%LTU 34 0% 0%FIN 37 0% 0%EST 34 0% 0%FRO 34 0% 0%AND 21 0% 0%ISL 34 0% 0%

KAZ 30 0% 0%MKD 34 0% 0%MLT 32 0% 0%MNE 23 0% 0%NIR 34 0% 0%

WAL 34 0% 0%ALB 34 0% 0%LUX 34 0% 0%BIH 34 0% 0%SMR 19 0% 0%LIE 10 0% 0%

Ten year total 2147 760 35% 320 15%

Our analysis of the lastten years (2003/04 to2012/13 seasons) startsby highlighting the clubappearances and successin reaching the groupand last 16 stages of eachNational Association

35 NAs have had at least one club reachthe UCL or UEL group stages with Spanishclubs having the highest success rate**(96%).


13

13 / 52

PREVIEW NEXT PAGE

14 / 52


14/52

diferent clubs reached the UCL group

stages during the last ten years.

diferent clubs participated in the UCL (qualiying

and/or group stages) during the last ten years.

97 255

Looking back at participation over

the last ten years of the UCL and UEL

14


14 / 52

PREVIEW NEXT PAGE

15 / 52


15/52

diferent clubs played in the UCL

and/or the UEL during the last ten years.

583**O the 583 clubs participating in UEFA competition over the last ten years, 573 appeared in the UEL

at some stage with only the ollowing ten clubs only appearing in the UCL (Arsenal FC, Barry Town AFC,

FK Leotar, FK Pobeda, KS Sknderbeu, Mlaga CF, PFC Ludogorets Razgrad, Real Madrid CF,Real Sociedad de Ftbol, SP Tre Fiori).


15

15 / 52

16 / 52


16/52

16

SECTION 2:UEFA CLUB COMPETITION PROFILE

17 / 52


17/52

Whilst England has contributed the most dierent clubs to the UEL (18 clubs), Spain, Italy,Germany and France have had a higher number o clubs participate in the UCL (9-12 clubs).

ENG

ESP

GER

FRA

ITA

NOR

MKD

RUS

SRB

SWE

GRE

NED

SCO

BEL

POL

POR

UKR

TUR

SUI

HUN

ISL

BLR

ISR

CRO

SVK

FIN

IRL

KAZ

WAL

CZE

DEN

AUT

SVN

LTU

BIH

GEO

AZE

ALB

ROU

LUX

FRO

SMR

CYP

MDA

BUL

NIR

LVA

ARM

EST

MNE

AND

MLT LI

E

0

3

6

12

18

9

15

15

12

6

9

3

18

21UEL

UCL

UCL/UEL

The majority o countries have had 10+ dierent clubsappearing in UEFA competitions during the last ten years.

17


18 / 52


18/52

The list o top25 clubs* ranked by total UCL and UEL matchesplayed come rom 14 dierent countries, illustrating how

widely spread club participation is across Europe.

Whilst the number o matches played refects the clubssuccess in qualiying and progressing in UEFA competitions,it is also infuenced by the stage o entry into the competitionswith qualiying and play-o matches, as well as group stageand knock-out matches included in this ranking.

An alternative ten year ranking covering only the number omatches played rom February onwards in the UCL knock-outstages** presents perhaps a more amiliar ranking list.

Rank Country Club UCL Knock-out stage

matches only**2003/04 to 2012/13

1 ESP FC Barcelona 492 ENG Chelsea FC 463 GER FC Bayern Mnchen 394 ENG Manchester United FC 375 ITA AC Milan 366 ENG Arsenal FC 357 ESP Real Madrid CF 348 FRA Olympique Lyonnais 289 ITA F.C. Internazionale Milano 27

10 ENG Liverpool FC 26* 22 o the 25 top clubs by appearance between 2003/04 2012/13 are participating in the 2013/14 competitions,

the exceptions are Liverpool FC, Internationale Milano and Sporting Clube de Portugal.** UCL knock-out stages reers to the round o 16 matches, quarter nal matches, semi nal matches and nal match.

18


PREVIEW NEXT PAGEPREVIEW NEXT PAGE

19 / 52


19/52

Rank Country Club UCL/UEL matches UCL/UEL UCL matches UCL UEL matches UEL2003/04 to 2012/13 seasons 2003/04 to 2012/13 seasons 2003/04 to 2012/13 seasons

1 POR SL Benca 119 10 56 8 63 82 ENG Liverpool FC 118 9 76 6 42 43 ENG Chelsea FC 117 10 108 10 9 14 ESP FC Barcelona 113 10 105 9 8 15 SUI FC Basel 1893 110 10 38 6 72 86 ROU FC Steaua Bucureti 110 10 32 4 78 87 GER FC Bayern Mnchen 109 10 95 9 14 18 NED PSV Eindhoven 108 10 50 6 58 69 ENG Arsenal FC 105 10 105 10 0 0

10 ITA F.C. Internazionale Milano 105 10 85 9 20 211 UKR FC Shakhtar Donetsk 105 10 68 10 37 612 ENG Manchester United FC 105 10 101 10 4 113 ITA AC Milan 100 10 92 9 8 114 UKR FC Dynamo Kyiv 100 10 68 10 32 515 POR Sporting Clube de Portugal 99 10 26 5 73 816 ESP Real Madrid CF 96 10 96 10 0 017 POR FC Porto 94 10 75 9 19 218 CRO GNK Dinamo 94 9 52 8 42 719 FRA Olympique Lyonnais 94 10 86 9 8 120 BEL RSC Anderlecht 94 10 56 9 38 421 FRA Olympique de Marseille 93 9 46 6 47 722 ESP Valencia CF 93 9 48 6 45 523 DEN FC Kbenhavn 92 10 46 8 46 724 NED AFC Ajax 90 10 50 8 40 8

25 BEL Club Brugge KV 90 10 22 4 68 10

Country UCL matches Country UEL matches2003/04 to 2003/04 to

2012/13 2012/13

ENG 418 ESP 387ESP 381 GER 371ITA 333 ENG 353GER 258 NED 346FRA 241 FRA 333POR 177 ITA 292UKR 136 POR 288GRE 128 RUS 242RUS 128 UKR 233

NED 122 ROU 232

Over the ten year period, English clubs have played the most UCL matches (418)whilst Spanish clubs have played the most UEL matches (387).

19


20 / 52


20/52

Club revenues from UEFA club competitions*have reached more than 1.25 billion per yearfor the cycle 2012/13 to 2014/15

Club revenues from UEFA club competitions by type*

Pool**Group participation

Performance

Solidarity

338m

493m

288m

167m

2001-2003 2004-2006 2007-2009 2010-2012 2013-2015

m

200m

400m

800m

1200m

600m

1000m

1400m

PoolG ro up p ar ti ci pa ti on P er fo rm an ce So li da ri ty

+12% pa

Club revenue growth from UEFA club competitions*

Distributions have grown at an averagerate (cagr) o 12% every year over thelast decade.

* UEFA club competitions includes the UCL, UEL and UEFA Super Cup. When analysing revenues by type, Solidarity in this instance reersto payments made to non participating clubs or youth investment (81m), payments made to clubs or qualication matches (44m) andplay-o payments made to clubs that do not reach the UCL group stage (42m). In addition clubs receive match day revenue rom UCL/ UELmatches, with gate receipts estimated at 300m-350m depending on how season/membership revenues are allocated between matches,these revenues are not included. Clubs in addition have the rights to market commercial/TV rights or UCL/UEL qualiying round matches,these revenues are again not included. ***The exact value o competition prize money can vary within each competition cycle as surpluses

arise and are distributed to clubs. The 2013-2015 cycle club revenues are based on an average o the rst year distributions and anticipateddistributions or the second year o the cycle, whilst the revenues or other cycles are the average across the cycle.

20


21 / 52


21/52

Club competition revenues paid to UELparticipants has increased signicantly sincethe centralisation o UEL rights reaching238m*** or 19% o total distributions.

2001-2003 2004-2006 2007-2009 2010-2012 2013-2015

0

200

400

600

800

1000

1200

1400

521433

596

834967

66

77

178

238

37

34

43

69

81

UEL clubs

Non-participating clubs

UCL clubs

Club revenues by recipient

2001-2003 2004-2006 2007-2009 2010-2012 2013-2015

0%

20%

40%

60%

80%

100%

92% 92%83% 77% 75%

1% 1% 11%16% 19%

6% 7% 6% 6% 6%

UEL clubs

Non-participating clubs

UCL clubs

Club revenues by recipient %


21

22 / 52


22/52

A warm welcome to some new clubs and long timeabsentees in this years 2013/14 competitions

22


23 / 52


23/52

Twenty Six clubs in 2013/14 UEFA competitions or rst time in atleast a decade.

Eleven clubs in the 2013/14 UCLor rst time in at least a decade.

Club NA Last season

FK Kukesi ALB FirstPasching FC AUT First*

PFC Botev Plovdiv BUL 1996NK Lokomotiva CRO FirstSwansea City FC ENG FirstWigan Athletic FC ENG FirstIFK Mariehamn FIN FirstOGC Nice FRA 1998FC Chikhura Sachkhere GEO FirstSC Freiburg GER 2002FC Astana KAZ FirstFC Kruoja LTU FirstFK Turnovo MKD First

Club NA Last season

FK Mladost Podgorica MNE FirstIL Hdd NOR First

GKS Piast Gliwice POL FirstEstoril Praia POR FirstCS Pandurii Lignitul Trgu ROU FirstFC Astra Giurgiu ROU FirstFC PETROLUL Ploiesti ROU 1996FC Kuban Krasnodar RUS FirstFC St. Gallen SUI 2002AS Trenn SVK FirstBroughton FC WAL FirstBala Town WAL FirstPrestatyn Town FC WAL First

* Pasching FC ormed in 2007 ater merger between ASK Pasching and SK Austria Krnten, the latter o which last played in 2004.

Club NA Last season Last seasonUCL UEL

FC Shirak ARM 2001 2013

SV Zulte Waregem BEL First 2007JK Nmme Kalju EST First 2013Gyri ETO FC HUN 1965 2010Sligo Rovers FC IRL 1978 2013CS Fola Esch LUX First 2012FC Daugava Daugavpils LVA First 2013FK Sutjeska MNE First 2010Clitonville FC NIR 1999 2013FC Paos de Ferreira POR First 2010FC Metalist Kharkiv UKR First 2013

23


24 / 52


24/52

There were a total of 692* matchesplayed in the 2012/13 UCL or UEL

One Nil was the mostcommon match resultbut was less than 20%.

One or both goalkeeperskept a clean sheet in 56%o matches played.Just 7% o matches nished goalless.

All UCL UEL Quali fying Group Kno ck-out

692

213

90

479

362

240

Number of matches 2012/13

1-0 2-0 1-1 2-1 3-0 3-1 0-0 2-2 3-2 4-0 4-1 5-0 4-2 5-1 6-0 3-3 6-1 7-0 4-3 5-3 4-4 8-0 5-2 9-0

0

20

40

80

120

60

100

140

128

104

79 77

62

5349

3428

23

1510 7 6 6 3 3 3 3 2 2 2 2 1

UEFA 2012/13 UCL & UEL competition results

24


25 / 52


25/52

High scoring matches were lesscommon in the knock-out stageswith 2 goals relatively morecommon than in the group orqualiying stages.

Just under hal o UEFA clubcompetition matches resultedin home wins regardless ocompetition and competitionstage.

* The total number o matches played in UEFA club competitions during the year was 693 with the Super Cup added.

An estimated 13400000 watched live inthe stadium the 1872 goals scored during2012/13 season

All

0%

40%

50%

70%

90%

60%

10%

20%

30%

80%

100%

Knock-out

Group

Qualifying

UEL

UCL

ll

li

i

7% 6%7%8%8%6%

17% 16%16%18%18%

15%

26% 37%23%

26%27%26%

20%17%

22%

20%19%22%

16%17%

20%13%15%15%

13% 9%12%15%13%15%

Four

Five+

Three

Two

One

None

ll

li

i

All

0%

40%

50%

70%

90%

60%

10%

20%

30%

80%

100%

Knock-out

Group

Qualifying

UEL

UCL

47%

29%

24%

49%

26%

26%

48%

28%

25%

46%

30%

23%

47%

28%

25%

46%

31%

22%

i

Draw

Away

Home


25

26 / 52


26/52

Club Proles

3

27 / 52


27/52

Prole of participating clubs

Reporting perimeter

Group of entities

Single entity

Combination of entities

78%

20%

2%

Reporting entity/group* legal form

State funded entity

Association

Not-for-profit

Sporting incorporated

Other incorporated entity

25%

14%

7%

53% 1%

Most o the clubs (78%) are simple single entitiesand (60%) are incorporated companies.


27

28 / 52


28/52

Domestic league average clubattendances of participant clubs

Average league attendance highest amongst participatingGerman, Spanish & English clubs with average o 40000+.

* Attendances should be considered indicative only. There have always been dierences between how dierent clubs report their

attendances, in particular whether they record actual match attendance or tickets sold. Figures presented in this analysis are basedon data extracted rom publicly available websites rather than rom UEFA proprietary data.

GER

ESP

ENG

ITA

NED

TUR

FRA

UKR

BEL

POR

SCO

RUS

POL

SUI

ROU

SWE

AUT

ISR

DEN

GRE

SRB

NOR

CZE

CYP

KAZ

CRO

BUL

HUN

FIN

BLR B

IHSVK

AZE

ALB IR

L

GEO

SVN

NIR IS

L

ARM LI

E

MNE

LTU

MKD

MDA

LUX

FRO

LVA

WAL

EST

0

10000

20000

40000

60000

30000

50000

80000

70000

90000 High club average

Low club average

Average attendance all UCL & UEL clubs

28

SECTION 3:CLUB PROFILES

PREVIEW NEXT PAGE

29 / 52


29/52

29


30 / 52


30/52

20000 - 40000

>=40000

10000 - 20000

3000 - 10000

1000 - 3000


31/52

31


32 / 52


32/52

Prole of stadiums in use in 2013/14 UEFA club competitionsUEFA stadium requirements, both saety and logistical, are enorced each year meaning some clubs have to play at anotherstadium and in some cases, share a stadium. The requirements increase the urther clubs progress into the competitions.

* Potential stadium change only i clubs reach a certain stage o competition. In practice many clubs that would change stadium are not expected to reach the stage.

Five TwoThreeFour

Number of clubsplaying at stadium

Five TwoThreeFour NoneOne

NumberofNAs

From QR2 From POFrom QR3 From GS

Four TwoThree

Number of clubsplaying at stadium

56 clubs in total to share25 of the stadiums

237 Clubs

206 Stadiums

Includes 25 stadiumsnot previously used

231 DierentStadiums

107 clubs* in totalto potentially share36 of the stadiums

237 Clubs

1

17

4

14

10

8

5

1

16

13

25

7

47

3

1

20

4

ANDCRODENENGESPGERGRE

MKDNEDRUSSCOSMRSRBTUR

ITALIE

AZEBELCZEFRA

HUNISRPOLPORSUISVKUKR

FROGEO

ARM

CYPEST

MDAMNENORROUSVN

AUTBIH

BULKAZLTULVAMLTNIRSWE

BLRIRLISL

LUXWALFIN

ALB

Number of clubs potentiallychanging stadium

Number of clubs potentiallychanging stadium

Stadiums to be usedat start of competitions

82 potential* stadiumchanges during competitions

Stadiums potentially in useat some stage during competitions

32

SECTION 3: CLUB PROFILES

33 / 52


33/52

* In many cases clubs are knocked-out o the qualiying stages beore they switch to another stadium or later stages, hence the average and range o stadium capacities

or later stages are potential/ theoretical fgures. ** UEFA matches have been all seated or a number o years and the UCL and UEL have other minimum logisticalrequirements, in some cases stadium attendances are thereore lower or UEFA matches than or domestic matches.

11%

25%

64%

Stadium categories**

Category 3

Category 2

Category 4

Stadium capacities***

35000 - 50000

50000+

20000 - 35000

10000 - 25000


34/52

Financial prole of participating clubs

4

35 / 52


35/52

Club revenue streams nancial year 2012

0.9bn2.0bn 2.0bn

8.1bn

0.8bn 1.6bn 0.8bn

11%25% 24% 10% 20% 10%

UEFA prize money

B ro ad ca st in g d ome st ic S po ns or sh ip

Commercial

Gate receipts

Other revenue

The 237 clubs competing in this years UEFA club

competitions reported* 8.1bn revenue in the

year ending 2012.

Domestic TV contributed 25% o total revenue,rising to an average o 48% or the competing

ITA clubs.

Other revenues include subsidies, related

and non-related party donations**, grants,

non-ootball activities and exceptional revenues.

ITA FRA ENG TUR ESP GRE POR ROU GER SCO

0%

10%

20%

40%

50%

30%

48% 47%

43%

19%

23%23%

27%28%

40%42%

Domestic TV as % reported revenue

* All fnancial fgures presented in this report are sourced rom the audited fnancial statements and have not been adjustedyet or the purposes o fnancial air play. ** Related party revenues are estimated at between 3% and 4% o total revenue.


35

36 / 52


36/52

Relative scale of club revenues

Access to UEFA competitions is open to all ranging rom 63 clubs with revenues

below 1m to 24 clubs with revenues over 100m in this years competitions.

The 36m average revenue o clubs participating in last years UCL

and UEL* increased to an average revenue o 95m when just the 80

clubs qualiying or the UCL and UEL group stages were considered.

+500m: 1 club

100m - 500m: 23 clubs from 8 countries





37/52

At the UCL group stage* there were 24 clubs reporting revenue

above 50m compared to 19 clubs in the UEL group stage

emphasising the strength in depth o both competitions.

* The clubs rom last years competitions are used or this specifc analysis because the clubsqualiying or this years 2013/14 group stages were not known when this report went to press.

ENG

ESP

GER

ITA

FRA

RUS

TUR

NED

BEL

POR

UKR

SUI

AUT

SCO

GRE

DEN

NOR

SWE

CYP

POL

CZE

KAZ

BLRIS

R

RUO

CRO

AZE

LIE

BUL

HUN

GEO

SRB

SVN

SVK

FIN

NIR

LVA

LUX

BIHIR

LISL

LTU

EST

MDA

ARM

FRO

MKD

WAL

MLT

ALB

AND

MNE

SMR

0

1

2

3

4

6

5

7

Numberofclubs

within

eachthresho

ld

NAs ranked from high (left hand side) to low (moving right)by average revenue of clubs participating in 2013/14 UCL and/or UEL

50m - 100m

500m+

1m - 10m

100m - 500m

10m - 50m


38/52

Relative size of club revenues

The charts o high, low and average revenue will fuctuate rom year to year dependingon the mix o clubs participating or UEFA competitions in any particular year.

The charts illustrate some countries with large revenue fuctuation

between their participating clubs, such as Spain, Portugal and Croatia.

ENG ESP GER ITA FRA RUS TUR

0m

100m

200m

300m

500m

600m

400m

High club revenue

Low club revenue

Average club revenue

NED

BEL

POR

UKR

SUI

AUT

SCO

GRE

DEN

NOR

SWE

0m

20m

40m

60m

100m

120m

80m

High club revenue

Low club revenue


CYP

POL

CZE

KAZ

BLR

ISR

ROU

CRO

AZE

LIE

BUL

HUN

GEO

SRB

SVN

SVK

FIN

0m

5m

10m

15m

25m

20m

High club revenue

Low club revenue


38

SECTION 4: FINANCIAL PROFILE OF PARTICIPATING CLUBS

PREVIEW NEXT PAGE

39 / 52


39/52

17 o the top 20 clubs by revenue are

participating in this years UCL and/or UEL.

NIR

LVA

LUX

BIH IR

LISL

LTU

EST

MDA

ARM

FRO

MKD

WAL

MLT

AND

ALB

MNE

SMR

0m

0.5m

1.5m

1.0m

2.0m

2.5m

3.5m

3.0m

High club revenue

Low club revenue


UCL/UEL UEFA Club name Country Total revenue*Rank Rank

1 1 Real Madrid CF ESP 500m+

2 2 FC Barcelona ESP

3 3 Manchester United FC ENG

4 4 FC Bayern Mnchen GER

5 5 Chelsea FC ENG

6 6 Manchester City FC ENG

7 7 Arsenal FC ENG

8 8 AC Milan ITA9 9 Paris Saint-Germain FC FRA 200m+

10 12 Juventus Football Club ITA

11 13 FC Schalke 04 GER

12 14 Borussia Dortmund GER

13 15 FC Zenit St. Petersburg RUS

14 16 Tottenham Hotspur FC ENG

15 17 Olympique de Marseille FRA

16 18 SSC Napoli ITA 150m+

17 20 Olympique Lyonnais FRA

18 25 Bayer 04 Leverkusen GER

19 26 Club Atltico de Madrid ESP20 27 Valencia CF ESP

21 28 AFC Ajax NED

22 29 Galatasaray SK TUR

23 30 VB Stuttgart GER

24 31 FC Spartak Moskva RUS 100m+

25 34 FC Rubin Kazan RUS

* All fnancial fgures presented in this report are sourced rom the audited fnancialstatements and have not been adjusted yet or the purposes o fnancial air play.


39

40 / 52


40/52

Club revenue growth

Club revenues increased between 2011 and 2012 or 62%

o the participating clubs with an average growth rate o 9.9%

For the 25 highest revenue clubs (previously listed),

revenues increased between 2008 and 2012 by 41.9%

For the 25 highest revenue clubs (previously listed), revenues

increased between 2011 and 2012 or 68% with an even higher

average growth rate o 12.1%

40


41 / 52


41/52

Long term asset investments tangible fxed assets

The clubs participating in UCL & UEL reported xed assets (stadium, training ground etc) o 4.9bn.

O the 23 participating clubs rom 11 dierent countries with xed

assets o 50m+, nearly all own their stadium (20).

Only 21% o participating clubs

own their stadium.

More than hal (56%) stadiums owned

by municipality or the state.

Long term investment diversies the sources o club revenue.Clubs owning their stadium generated 23% and 11% o their

total revenue rom gate receipts and commercial activitiescompared to just 14% and 7% or those clubs who rent/leasetheir stadium.

Tradition and history is importantin ootball but many stadiumacilities need upgrading. ClubFootball is currently experiencing

massive cash infows rom TV andwealthy investors. Financial FairPlay looks avourably on clubsand club owners which investor the long-term.

UCL/UEL UEFA Club name Country Tangible FixedRank** Rank Assets

1 1 Arsenal FC ENG 500m+

2 2 Real Madrid CF ESP

3 3 Manchester United FC ENG

4 4 Valencia CF ESP

5 5 FC Bayern Mnchen GER

6 6 Manchester City FC ENG7 7 FC Dnipro Dnipropetrovsk UKR


9 9 Chelsea FC ENG 200m+


11 11 Juventus Football Club ITA

12 12 SL Benca POR

13 13 FC Kbenhavn DEN

14 14 FC Barcelona ESP

15 16 Bayer 04 Leverkusen GER

16 17 FC Schalke 04 GER

17 19 FC Porto POR 100m+

18 24 FC Chernomorets Odessa UKR

19 25 Celtic FC SCO

20 26 S.S. Lazio ITA

21 29 PFC CSKA Moskva RUS

22 30 Malm FF SWE

23 31 PSV Eindhoven NED 50m+

24 38 FC Dynamo Kyiv UKR

25 40 Olympique Lyonnais FRA 35m+

Association/parent co./owner(s)*

Directly owned

Municipal/state owned

Other party

56%

21%

6%

17%

* 13 Clubs (6%) indicated that the stadium was either owned by an association or a parent/holding company orseparately owned by the owner(s), in all cases outside the reporting perimeter and not considered as an asset within

the clubs balance sheet. ** UCL/UEL Rank is the ranking rom 1 to 237 o clubs participating in the 2013/14 UCL and/or UEL whilst UEFA Rank is the ranking rom 1 to 700 o top division clubs.


41

42 / 52

PREVIEW NEXT PAGE


42/52

Player investment/spending intangible fxed assets

The 3.3bn o players valued on club balance sheets (intangible fxed assets - playerregistrations) represents just under hal (48%) the original purchase price o 6.8bn.

There is no single perect way** to value players on club balancesheets but the method in practice is consistently applied***.

Player valuation can be considered conservative** as evidenced by 23o the listed 25 clubs reporting net gains on sale o players (sale pricev balance sheet value). In total 850m+ o profts were recorded onsale and less than 50m impairments deemed necessary****.

* Squad cost is the sum o transer ees historically paid or players who were still at the club at the end o the2012 fnancial year. **Accounting requirements mean that home-grown players are not included in clubsbalance sheets. In addition, whilst it might be appropriate to write down the value o a player to zero over thelength o his contract i it is his last contract beore retirement or i he will leave as a ree agent, analysis oollow on transers indicates their residual transer value is usually understated. *** Whilst a number o clubs(99 or 42% o clubs) reported zero player assets in their balance sheet, their proportion o total transer spendwas less than 2% meaning all clubs involved in major transer activity recognise players on their balance sheets(spreading the transer cost evenly over the length o player contract). **** In addition to the extraordinary

impairment charges, the fnancial statements also include an ordinary depreciation cost each year on playertranser ees equivalent to 1.3bn in 2012.

42

SECTION 4:FINANCIAL PROFILE OF PARTICIPATING CLUBS

PREVIEW NEXT PAGE

43 / 52


43/52

UCL/UEL UEFA Club name Country Squad original ValuationRank** Rank cost* to cost*

1 1 Real Madrid CF ESP 48%

2 2 Manchester City FC ENG 500m+ 52%

3 3 Chelsea FC ENG 53%

4 4 Manchester United FC ENG 37%

5 6 FC Barcelona ESP 49%

6 7 FC Zenit St. Petersburg RUS 54%

7 9 Juventus Football Club ITA 250m+ 45%

8 10 Arsenal FC ENG 45%

9 11 AC Milan ITA 53%

10 12 FC Bayern Mnchen GER 38%

11 14 Olympique Lyonnais FRA 34%

12 15 Tottenham Hotspur FC ENG 38%

13 16 SL Benfca POR 55%

14 17 FC Porto POR 150m+ 63%

15 19 Paris Saint-Germain FC FRA 68%

16 20 FC Anzhi Makhachkala RUS 67%

17 21 SSC Napoli ITA 55%

18 22 Valencia CF ESP 49%

19 23 Club Atltico de Madrid ESP 63%20 25 ACF Fiorentina ITA 52%

21 29 S.S. Lazio ITA 43%

22 30 Udinese Calcio ITA 100m+ 45%

23 33 Olympique de Marseille FRA 42%

24 34 FC Shakhtar Donetsk UKR 43%

25 37 FC Schalke 04 GER 80m+ 37%

At the end o fnancial year 2012, 22 teams playing in this years

UEFA club competitions and 30 in total, across Europe had

assembled a playing squad costing 100m+ in transer ees.

Balance sheet valuation to cost is a measure o squad stability:

the lower the % the older the transer spending on the squad.

It ranges rom 34% to 68%.

43


44 / 52

PREVIEW NEXT PAGE


44/52

Club operating costs

* Approximately 3% o the operating costs relate to fxed asset costs (depreciation) which will beexcludable or the calculation o break-even. Also included in the fgures are approximately 3% oyouth costs which will also potentially be excludable rom break-even calculations. ** This defnition ooperating profts is widespread and excludes amortisation on legacy player transer ees. This is much

more appropriate that traditional operating proft which includes the cost side o the transer activity(amortisation) but excludes the income side (proft on sale o players).

Clubs spent in total 60% o revenue on salaries, wages,

signing bonuses, employee benefts and social taxes.

79% o this 5bn employee cost spend was on players

and 21% on technical and administrative employees.

44

SECTION 4:FINANCIAL PROFILE OF PARTICIPATING CLUBS

PREVIEW NEXT PAGE

45 / 52


45/52

3.9bn 1.0bn

8.1bn Revenues

7.7bnoperating costs

2.8bn 0.4bn

48% 13% 34% 5%

Other employees wages & costs

Player wages & costs Operating costs

Operating profit*

The 237 clubs competing in this years UEFA club

competitions reported 7.7bn o operating costs* in

the year ending 2012.

This means clubs participating in UEFA competitions

generated just over 400m operating profts** compared

to 120m operating losses the year beore.

Operating proftsrepresent the contribution o the core

underlying club activities to player transers and beoreother gains/losses on fnancing, divestments,

non-operating items and tax.


45

46 / 52

PREVIEW NEXT PAGE


46/52

Wages and other personnel costs

Clubs competing in this years UEFA clubcompetitions reported personnel costs o

just under 5 billion

5bn

Personnel cost to revenue %

12%

10%

13%

21%

18%

26%

80% - 100%

100%+

70% - 80%

60% - 70%

50% - 60%

30% - 50%

* The table presents just the 25 clubs in this years competition with the highest wage bill,reordered by personnel expenditure as % revenue rom high to low.

Almost one-in-eight (12%) o clubs spent more on wages than they

earned in total revenue. The clear majority o clubs (65%) however

reported a personnel cost to revenue ratio o less than 70%.

46


47 / 52


47/52


48/52

Financial year 2012 transfer activity - Top 25 clubs by net earnings

Hal the clubs participating in the 2013/14 UEFA competitions were nettranser spenders in their nancial year 2012 with 29% reporting net earnings

and 21% neutral

50%

UCL/UEL UEFA Club name Country Total NET EARNINGSRank Rank from transfers

(FY2012)

1 1 AC Milan ITA

2 2 Udinese Calcio ITA3 3 Tottenham Hotspur FC ENG 30m+

4 5 R. Standard de Lige BEL

5 12 KRC Genk BEL

6 13 RSC Anderlecht BEL

7 14 FC Basel 1893 SUI

8 17 FC Shakhtar Donetsk UKR 10m+

9 19 SC Braga POR

10 20 ACF Fiorentina ITA

11 23 SC Freiburg GER

12 24 Feyenoord NED


14 26 AFC Ajax NED15 27 FC Girondins de Bordeaux FRA

16 30 Olympique Lyonnais FRA 5m+


18 40 KP Legia Warszawa SSA POL

19 42 KKS Lech Pozna POL

20 43 Utrecht NED

21 45 Valencia CF ESP

22 46 AZ Alkmaar NED

23 49 Real Betis Balompi ESP

24 50 FK Partizan SRB

25 51 Rosenborg BK NOR 3m+

In total eight clubs participating in

this years UEFA club competitions (17

top division clubs in total) reported

net transer earnings o 10m+ in

nancial year 2012.

* Only clubs with net transer earnings or spend o 3m+, were considered or the UEFA ranking net earnings romtransers as % o revenue.

48


49 / 52


49/52

29%

UCL/UEL UEFA Club name Country Total NET EARNINGSRank Rank* from transfers as %

revenue (FY2012)

1 1 SC Braga POR

2 2 R. Standard de Lige BEL3 3 FK Partizan SRB 60%+

4 4 Udinese Calcio ITA

5 9 KKS Lech Pozna POL

6 10 KRC Genk BEL 40%+

7 13 RSC Anderlecht BEL

8 15 Utrecht NED

9 17 FC Basel 1893 SUI

10 19 KP Legia Warszawa SSA POL

11 27 SC Freiburg GER

12 31 Feyenoord NED 20%+


14 33 FC Shakhtar Donetsk UKR

15 36 AC Milan ITA

16 37 Rosenborg BK NOR

17 38 ACF Fiorentina ITA

18 39 AZ Alkmaar NED

19 41 FC Girondins de Bordeaux FRA 10%+

20 45 Real Betis Balompi ESP

21 46 AFC Ajax NED


23 50 Olympique Lyonnais FRA


25 52 Valencia CF ESP 3%+

Belgian and Italian clubs were prominent amongst

transer earners in 2012 with 3 clubs inside the

top10 net earners.

Clubs rom traditional transer developing leagues

(Dutch, Polish, Portuguese, Swiss and Serbian) are

particularly prominent when transer earnings

relative to revenue are considered.

LTU BEL ISL POL SRB SUI MDA BIH

0%

10%

20%

40%

30%

34%

7%

11%12%

21%22%

26%

33%

Net transfer earnings as % revenue


49

50 / 52

PREVIEW NEXT PAGE


50/52

Implementation of FFP Season 2013/14

The summer to date:

Whilst many players have enjoyed a well earned rest at the end o the long domestic* and UEFAseasons, of the pitch UEFA and clubs have both been busy preparing or the latest round oFinancial Fair Play (FFP) assessments. The 237 sportingly qualied clubs with the requisite clublicence have entered the scope o FFP and or the rst time, clubs have directly submitted all

their nancial and break-even data using UEFAs online reporting tool. This includes inormationor the assessment o overdue transer, employee and employee related taxation payables(third cycle) and the rst year o break-even data or the nancial year ending in 2012 (to beused in rst cycle). The break-even data packages submitted to the July 15th deadline includeda club representation as to the accuracy o submitted inormation, conrmation or updates tothe base audited nancial statement data submitted already in April, in some case additionaldetailed management reporting inormation and inormation needed to calculate break-evenadjustments.

FFP assessment going forwards:

The UEFA administration will assist the Club Financial Control Body in the analysis o thesubmitted data and request clarication or urther inormation where necessary. Once thesecond year o break-even data is received (October through March depending on nancialyear-end date), clubs will be assessed against the regulations during the rst hal o 2014

with the rst measures expected ahead o the 2014/15 season. Such a process will continueenhancing transparency and contribute to an improved governance o European club ootball

Committed to increasing transparency:

This report on the 237 clubs competing in this years club competitions is based on thepreliminary pre-break-even adjustment nancial year 2012 data.

In total nancial data on 696 o the 729 top division** clubs has been received.Whilst this represents 95% o clubs by number, the missing clubs are generally smallerrelegated clubs meaning this wider sample covers more than 99% o all top division clubnances. With approximately 500 clarication e-mails issued which will be urther reviewedduring the summer, a ull Europe-wide top division benchmarking report based on nalised

data will be prepared later in the year.

As set out in article 2 o the Club Licensing and Financial Fair Play Regulations, one o thekey objectives remains to develop benchmarking or clubs throughout Europe and increasetransparency and credibility in club nances.

We hope and believe that this new report on the 237 clubs together with a uller benchmarkingreport later in the year and increasing minimum nancial disclosure requirements willcontribute positively to this objective.

* As always there are exceptions, with 11 domestic championships continuing through the summer as well as a busysummer o age group international competitions. ** This gures includes the seven LIE clubs that compete in theclub but not in a ormal league.

50

51 / 52


51/52

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Licensing decisionsfor competition season

2013/1431 May 2013

CFCB assessments assessing overdue payable information and break-even

Submission basicfinancial statement

package(FY2012)

Submission deadlinefor overdue payable

information as of30 June 2013

Submission deadlinefor overdue payable

information as of30 Sep 2013

Submission deadline for break-even infofor T and T+1 (if requested)

Submission deadlinefor break-even

information for T-1(FY2012)


51

52 / 52


52/52

Documents

UEFA Club Licensing Benchmark 2013